Archives: November 2009

Extended Homebuyer Tax Credit Information

Extended Homebuyer Tax Credit Information.

So maybe you haven’t heard but Congress recently extended the homebuyers tax credit.  That is great news for first time homebuyers and move up buyers alike!  That is right the new tax credit also includes move up buyers who have lived in their current home for at least 5 of the last 8 years.  There is other criteria that needs to be met that I will review below.

Great homes like this one are eligible for homebuyers tax credit.

Great homes like this one are eligible for homebuyers tax credit.

Overall this is great news for homebuyers, sellers and the entire real estate market.  With low interest rates, great affordable home values and now the extension of the tax credit, it truly is a great time to buy!

The Extended Homebuyer Tax Credit

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.

• Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.

Who Qualifies for the Extended Credit?

• First-time home buyers who purchase homes between November 7, 2009 and April 30, 2010.

• Current home owners purchasing a home between November 7, 2009 and April 30, 2010, who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight. To qualify as a “first-time home buyer” the purchaser or his/herspouse may not have owned a residence during the three yearsprior to the purchase.

Which Properties Are Eligible?

The Extended Home Buyer Tax Credit may be applied to primary residences, including: single-family homes, condos, townhomes, and co-ops.

How Much Is Available?

The maximum allowable credit for first-time home buyers is $8,000.  The maximum allowable credit for current homeowners is $6,500.

How is a Buyer’s Credit Amount Determined?

Each home buyer’s tax credit is determined by two additional factors:

1. The price of the home.

2. The buyer’s income.

Price

Under the Extended Home Buyer Tax Credit, credit may only be awarded on homes purchased for $800,000 or less.

Buyer Income

Under the Extended Home Buyer Tax Credit, which is effective on November 7, 2009,  single buyers with incomes up to $125,000 and married couples with incomes up to $225,000—may receive the maximum tax credit.

These income limits have changed from the 2009 First-Time Home Buyer Tax Credit limits. If you or your client purchased a home between January 1, 2009 and November 6, 2009, please see 2009 First-Time Home Buyer Tax Credit.

If the Buyer(s)’ Income Exceeds These Limits, Can He/She Still Get a Credit?

Yes, some buyers may still be eligible for the credit.

The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Home buyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are not eligible for the credit.

Can a Buyer Still Qualify If He/She Closes After April 30, 2010?

Under the Extended Home Buyer Tax Credit, as long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until July 1, 2010 to close.

Will the Tax Credit Need to Be Repaid?

No. The buyer does not need to repay the tax credit, if he/she occupies the home for three years or more. However, if the property is sold during this three-year period, the full amount credit will be recouped on the sale.

Information courtesy of the National Association Of Realtors.

I hope that you find this information helpful.  If you have any questions, need more information about the tax credit or want to buy or sell your home please visit my website 24/7 or  contact me.  I am here to help

Walking With You Every Step Of The Way!

– Jenn Nowalk Raleigh REALTOR/Broker

Our Own Little Rockefeller Plaza Right Here In Raleigh – First Annual Winterfest!

Our Own Little Rockefeller Plaza Right Here In Raleigh

I will never forget when my husband took me to New York City one holiday season and we went to Rockefeller Plaza and watched the skaters skate around under the world famous Christmas tree. It was such a fun and memorable scene that I will never forget. Well when I read the below story I was so excited that I had to share it!

Our Own Little Rockefeller Plaza Right Here In Raleigh

Our Own Little Rockefeller Plaza Right Here In Raleigh

What Raleigh has done with Downtown and Fayetteville Street is very exciting. They have done a great job making a fun destination for the entire family and that will definitly be the case this holiday season. Below is information from the article that gives more details about the Raleigh Winterfest and of course the most exciting part – the outdoor ice rink! Our own little piece of New York City right here in Raleigh. I can’t wait to take the family down there. I probably won’t be skating but I sure will take it all in and enjoy the atmosphere. I hope to see you down there. Feel free to contact me with any more needed information about this event or Downtown Raleigh or visit the Winterfest website for more details.

MAYOR ANNOUNCES THE FIRST ANNUAL AT&T RALEIGH WINTERFEST

The start of a new holiday tradition in Raleigh

The kickoff for the First Annual AT&T Raleigh Winterfest, a two-month long holiday event, will be combined with Mayor Meeker’s Tree Lighting on the evening of Friday, December 4, 2009 in City Plaza located in the 400 block of Fayetteville Street. Raleigh Mayor Charles Meeker announces, Winterfest is sure to be a treasured Raleigh tradition.  Opening night will run from 5 p.m. until 11 p.m. on Friday, December 4 and will feature an outdoor ice rink, performances by local choirs and bands, talented figure skaters and a multitude of other entertainers, a visit by Santa Claus, a reading by Ira David Wood III (star of Theatre in the Park’s A Christmas Carol), delicious food and drinks, a dazzling holiday tree lighting and a country music headliner that will soon be announced. This FREE community-wide kickoff event will be followed by two months of additional programming at the AT&T Raleigh Winterfest Ice Rink.

President and CEO of the Downtown Raleigh Alliance, David Diaz, says, “We are thrilled to be producing the AT&T Raleigh Winterfest. This will be an event like no other in our region because of the variety of entertainment, the scenic location of the ice rink that uses natural ice, and the duration of the event. For the kickoff event on Friday, December 4 we are bringing a national headliner and an impressive and diverse collection of local and regional talent.”  The location City Plaza is situated in the center of downtown Raleigh. Though the City Plaza was not modeled after Rockefeller Plaza, the AT&T Raleigh Winterfest will bear a strong resemblance to it not only because of the outdoor ice rink but also because it is located in the heart of our central business district. AT&T Raleigh Winterfest consists of the kickoff event on Friday, December 4 as well as activities and performances scheduled throughout the two months to follow a major milestone for the Triangle.